Saturday, September 29, 2018

The First National Bank of Chicago

On July 1, 1863, banker Edmund Aiken and his partners invested $100,000 to found a new federally chartered bank under the guidelines established by new federal banking legislation. Capitalizing on a February 1863 law that permitted the formation of national banks, The First National of Chicago, operating under Charter #8 from the comptroller to the currency, opened its door on July 1, 1863, the day on which the Battle Gettysburg commenced.

By 1876, First National ranked as the city's largest bank; it (and its descendants) would continue to be either Chicago's biggest or second biggest bank through the end of the twentieth century.

From the era of the Civil War when Chicago was the central hub of rail traffic in America until its merger with NBD Corporation, the First National Bank of Chicago rightfully claimed to be Chicago’s bank.

In 1919, The First National Bank of Chicago created an affiliate, First National Investment Co., which invested in second mortgages and operated a travel agency.
In 1969, when First National moved into a new skyscraper in Chicago's loop, it became part of the First Chicago Corp., a holding company for the bank.
Among Midwestern banks, The First National Bank of Chicago was perhaps the most active internationally, establishing offices in 25 countries by 1973.The First National Bank of Chicago